CANBERRA - Australia's economy is showing more momentum this year than it did in late 2005 and a weaker Australian dollar has undoubtedly helped the country's exporters, Treasurer Peter Costello said yesterday.
"The economy was perhaps a little slower in the second half of last year and we saw that reflected in the national accounts figures. There are some good signs in the early part of this year," Costello said.
Recent economic data has shown surprising strength with growth in retail sales, private credit, building approvals and exports all beating expectations and also helping the Australian dollar recover from an 18-month low of US70.15c hit last week.
"The recent adjustment in relation to the Australian dollar has undoubtedly helped exporters," Costello said. "You don't want to overstate recent developments however and you have got to always bear in mind that there are movements both ways."
The Australian dollar traded around US71.2c yesterday, having fallen around 3 per cent so far this year.
- REUTERS
Costello bullish on economic growth
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